What is green, has Minnesota roots and soared in value from $1 to $15 per share over the past year amid tremendous speculation about its born-again future? Before slipping back to Earth in recent weeks?
That would be Gevo, a public company that makes renewable fuel.
It historically was bigger on promise than performance, to the dismay of many out-of-patience investors who quit the company over the years.
But even at a recent price of $8.50 per share, Gevo is worth about $1.5 billion, has interesting plans and $500 million or so in expansion capital.
Gevo's CEO since 2007 is Patrick Gruber, an MBA and Ph.D. in chemistry out of the University of Minnesota. He was once a Cargill green-business executive.
Gevo has made ethanol and developed over several years a next-generation, low-carbon isobutyl alcohol that can be synthesized and used as a high-octane, cleaner fuel for cars and airplanes and in other products.
Gevo's death was predicted regularly for years. It sustained itself with ethanol sales and selling stock, which irritated existing shareholders through their dilution. Gevo also sold debt. The company was limping along as it tried to perfect its science and production, amid several setbacks at its plant in Luverne, Minn.
Last fall, Gevo's stock started to rise and volume increased amid encouraging news from the company. And Gruber's team, who didn't respond to a phone inquiry last week, has not been shy about predicting an enriching, less-polluting future. And it had been signing interesting deals with airlines, manufacturers and others.